IVA question

cowpie

Hi

I am 2 years into my single IVA.

My review is due soon. My salary has remained more or less the same but my partner's has increased.

My question is can my practitioner ask for evidence of my partner's income ?

Thanks in advance

DorisTrousers

Did they ask for proof when it was proposed, or at any annual review since?

cowpie

No, never.

Just don't know whether to declare that it has increased as so will my payments.

biscuit1_2

It depends who you are with i think. I am with Grant Thornton and my wife's income increased by £200 month, i didn't have to inform them straight away but i didn't hide it at the annual review, they took the view this showed commitment to the iva and never asked for anything more.

FrazerD

I started my IVA almost 5 years ago and usually, if you declare all changes (refunds of money etc) to your Insolvency Practise, they will take this in to account should there come a time when you may need to miss a repayment or two. So I would advise you play ball - because if you deliberately withhold this info it could be used against you at a future date (if they find out through other means) and you face the risk of the Arrangement being cancelled and you will be thrown to the mercy of the Creditors, which can lead to Bankruptcy.
Do also read the Contract Conditions IN FULL. You are usually told the IVA lasts for 5 years. It doesn't, because near the end of the period you will be asked to repay the remaining balance to creditors through refinancing. If you are are declined (dah... you are in an IVA - who is going to offer you finance?) you will then usually have the IVA extended another 12 months. You have been warned.

Max_Maxwell

FrazerD wrote: »

Do also read the Contract Conditions IN FULL. You are usually told the IVA lasts for 5 years. It doesn't, because near the end of the period you will be asked to repay the remaining balance to creditors through refinancing. If you are are declined (dah... you are in an IVA - who is going to offer you finance?) you will then usually have the IVA extended another 12 months. You have been warned.

Are you sure about this? Is it stipulated in your agreement? The IVA is for an agreed fixed term to repay what you can reasonably afford of the original debt. I've not come across this refinancing clause. Unless you are referring to releasing equity from a property?

Blkwidow

Please can someone help, I started my IVA in July 2006 and was ordered to pay £252 a month, however as a teacher my money went up every September and I rang the first year to ask them how much I would need to pay, they were of no help and said I would have an annual assessment but if I felt I could pay more I should pay it and I wouldn't have a bill at the end of the year.

So I started paying £300 the the next year £350 which skint ex me out! Hence they sent me an annual request of income and never said what I needed to pay!! This happened two or three times over the next six years and the company changed hands??

Over the course of the course of the six years I had two payment breaks one when my washing machine broke down and they said it would not matter as I pay enough? And the second one in 2010/11 when I was supply teaching!!
During that time I also suggested in 2009/10 that the try and retrieve my PPI towards the bill and every couple of months I would receive endless letter of authorisation (still even now!!!)
I rang them towards the end of 2012 to take account of this and they said it would complete in the new year, when I called in new year they said it could take months to get the paperwork done and I would be owed a lottle bit of money, they finally sent me notification in July 2014!!! I asked why and they quoted that they had to wait because of the Green case??

I want to know why they did not complete a yearly assessment and tell me what to pay and how they had the right to decide they could stop completion without notifying me or explaining???

Max_Maxwell

What's the status of your IVA? You started it 9 years ago so it must be completed by now. Or have you defaulted on it?

It's not clear from your post what you are wanting to clarify/resolve.

FrazerD

Those terms were in my contract with PayPlan and they attempted to apply them. As fate would have it I was made redundant a few months ago and couldn't afford payments (I am 64). So have just had my IVA registered as 'Paid to date', so no more comeback from creditors and the record will drop off my credit score in about 3 months.


But do check your contract for conditions.

Blkwidow

Sorry it was a bit of a rant, I want to know how they can just decide not to complete my IVA?? Without explanation?? Why I was not given an review every year and told how much more I need to pay? I paid more each year as I was worried I would get a big bill as my money went up every year and I told them over the phone by how much but they still didn't tell me how much I needed to pay. Is that any clearer??